Crypto Industry News:
Cryptocurrency exchange Coinbase has filed a lawsuit in federal court to force the U.S. SEC to respond to a letter last year demanding formal regulation in the digital asset industry.
The exchange filed a letter yesterday asking the SEC for "regulatory clarity" on how existing securities laws would apply to crypto assets.
A July 2022 Coinbase petition requested that the SEC develop and approve clearer regulatory rules for cryptocurrency activities in the United States.
According to Coinbase, more than 1,700 companies and individuals have signed up to support the exchange's petition, reiterating their desire for regulatory clarity.
The filing states that it is widely recognized, including by a sitting SEC commissioner, that existing SEC registration and disclosure requirements are incompatible with digital assets, which are fundamentally different from the stocks, bonds and investment contracts for which the Securities Regulations are designed securities that are traditionally regulated by the SEC.
The SEC must determine how many ineffective and unenforceable standards will be applied to digital assets. The US regulator refused.
Technical Market Outlook:
The BTC/USD pair made the local low at the level of $26,965 and then the market bounced significantly towards 100 MA on H4 time frame chart. Any violation of the support level, like a breakout lower in impulsive fashion, will open the road towards the technical support seen at $25,250. The momentum on H4 time frame chart is now strong and positive, so the bulls are trying to retrace as much territory as possible. First target is seen at 38% Fibonacci retracement at $28,529, then 50% retracement seen at $29,013 and finally 61% retracement seen at $29,461.
Weekly Pivot Points:
WR3 - $28,779
WR2 - $28,222
WR1 - $27,931
Weekly Pivot - $27,661
WS1 - $27,272
WS2 - $27,102
WS3 - $26,544
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.